New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) This Act requires financial service providers to be registered.
(2) In order to be registered, financial service providers are required to be members of a dispute resolution scheme if they provide financial services to the public.
(3) The Act sets out how a dispute resolution scheme may be approved by the Minister, why the approval might be withdrawn, and how a dispute resolution scheme may be appointed as the reserve scheme.
(4) The Act provides that the reserve scheme is to act as the default dispute resolution scheme and is to be capable of resolving disputes relating to all types of financial service providers.
(5) This section is intended as a guide only.